Among active STI index stocks, Genting Singapore traded up S$0.02 or 2.3 per cent to S$0.895.

The three local banks all gained ground, with DBS up S$0.09 or 0.4 per cent to S$24.79, OCBC gaining S$0.08 or 0.8 per cent to S$10.71, and UOB advancing S$0.05 or 0.2 per cent to S$25.09.

In Asia, markets rallied on Monday following a strong lead from Wall Street and an extra tailwind from a move by China's central bank to change the way a key interest rate benchmark is set, seen by analysts as reducing borrowing costs for companies.

The People's Bank of China (PBOC) on Saturday unveiled key interest rate reforms to help steer borrowing costs lower for companies and support a slowing economy caught in the grip of a bruising trade war with the United States.

Hong Kong's Hang Seng Index was up 1.9 per cent while the Shanghai Composite Index was up 1.5 per cent.

Elsewhere, Tokyo added 0.5 per cent by the break while Sydney climbed 0.8 per cent.

Seoul was up 0.5 per cent with Wellington, Taipei and Jakarta also in positive territory.